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- Tech Sector Leasing: The tech sector's downturn has significantly impacted the office market due to its previously central role in driving net growth, resulting in an oversupply of office space and tenant-favorable market dynamics.
9.0 million square feet (msf) signed in 2023 is down from 16.6 msf in 2022 and 22.6 msf in 2021.
- Venture Capital Funding in Tech: Funding in 2023 was uplifted by large rounds in the artificial intelligence (AI) vertical, and overall funding may be poised for a resurgence due to ample dry powder on the sidelines.
$149.2b funded in 2023 is down from $251.9b in 2022 and $301.6b in 2021.
- Tech Layoffs: Tech layoffs were down 60.1% in 2023 compared to the prior year, with the highest number occurring in Q4 2022.
61.0 thousand (k) layoffs in 2023 is down from 153.1k in 2022 and up from 15.0k in 2021.
- S&P 500 Information Technology Sector: The sector's growth has been buoyed by significant advancements in AI and the booming semiconductor industry.
3397.16 S&P 500 Information Technology Sector Index at the end of 2023 is up from 2172.17 in 2022 and 3055.45 in 2021.
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